GBPCHF buy opportunity at lower parallel
GBPCHF's Respecting Pitchfork:
GBPCHF is respecting the bullish pitchfork as it's drawn on the chart. It touched the median line, and is coming back down, which is a pretty textbook move. All in all, things seem to be playing out according to the rules.
New High Confirmation
It managed to make a new high in the process. This kind of behavior often signals that the price might have some plans to go further up.
Sliding Parallel: The Next Halt
My anticipation? I'm thinking the price might decide to put on the brakes around the sliding parallel. It's like a stopping point for a lot of price movements. If I were to make a move, I'd consider placing a buy limit order around here.
Target in Sight: Median Line
As for where I'm looking to take my profits, it's all eyes on the median line. That's my target. Aiming there seems like a prudent choice given the current setup.
Fractal Bar: Warning
There is a fractal bar just above the median line (marked in red on the chart). I'm not sure whether GBPCHF will break above it or not. So, if the price hits that fractal bar, I'm out. It's a maximum exit point for me. And even with that, the risk-reward ratio is a comfortable 1:3.
Disclaimer:
Keep in mind that trading involves risks. It is all about analyzing, strategizing, and adapting to the market's rhythm. Happy trading! 📈💹
GBPCHF is respecting the bullish pitchfork as it's drawn on the chart. It touched the median line, and is coming back down, which is a pretty textbook move. All in all, things seem to be playing out according to the rules.
New High Confirmation
It managed to make a new high in the process. This kind of behavior often signals that the price might have some plans to go further up.
Sliding Parallel: The Next Halt
My anticipation? I'm thinking the price might decide to put on the brakes around the sliding parallel. It's like a stopping point for a lot of price movements. If I were to make a move, I'd consider placing a buy limit order around here.
Target in Sight: Median Line
As for where I'm looking to take my profits, it's all eyes on the median line. That's my target. Aiming there seems like a prudent choice given the current setup.
Fractal Bar: Warning
There is a fractal bar just above the median line (marked in red on the chart). I'm not sure whether GBPCHF will break above it or not. So, if the price hits that fractal bar, I'm out. It's a maximum exit point for me. And even with that, the risk-reward ratio is a comfortable 1:3.
Disclaimer:
Keep in mind that trading involves risks. It is all about analyzing, strategizing, and adapting to the market's rhythm. Happy trading! 📈💹